Banks, AMP sitting on powder keg of compensation claims

The country's major financial firms are at risk of being deluged by compensation claims, as their customers realise that the shoddy and conflicted financial advice that has been provided to them could entitle them to substantial financial remediation.

In testimony before the Hayne royal commission on Monday, ANZ and AMP conceded that there were major problems with swathes of financial advice provided by their planners.